By Zoocasa on April 12, 2024
Estimated reading time: 6 minutes

Where to Buy Real Estate in Canada 2024: Greater Toronto Area

By Zoocasa on April 12, 2024
Estimated reading time: 6 minutes

High interest rates made 2023 a relatively slow year for real estate in the GTA. But buying a home in these neighbourhoods remains a good investment.

Photo by [bastian.] from Flickr / CC BY-NC-ND 2.0

The Greater Toronto Area real estate market, consisting of the regional municipalities of Peel, York and Durham, was notably subdued in 2023 as a result of high borrowing costs. The composite benchmark price of a home in Greater Toronto was $1,070,600 in January 2023, and it peaked at $1,171,300 in June, according to the Canadian Real Estate Association. However, the benchmark price was negatively impacted by the Bank of Canada’s rate hike in July 2023—which brought the benchmark rate up to 5%—and by December, it was $1,067,200, down 0.3% from the beginning of the year. Below, we look at the real estate trends and best places to buy in each region of the GTA.

Table of contents: Best places to buy in the GTA (tap to open)

Methodology

How to read the results tables

The tables highlight the top 50 neighbourhoods in each region of the GTA. To view the complete data set for all neighbourhoods in each region, visit this page.

Benchmark price 2023: An average of the composite benchmark price throughout 2023. It represents all property types, including attached and detached homes, townhouses/row units and apartment units.
1-year, 3-year and 5-year growth: The percentage increase or decrease in the composite benchmark price (all property types) over each time frame.
Value, economics and accessibility: These neighbourhood characteristics are each scored on a scale of 0 to 5, with 5 representing the most value for your money, high levels of income and education, and ease of travel by foot, bike and public transit.
Children: The neighbourhood’s percentage of households with kids.

Peel Region, Ont.

Located directly west of Toronto, Peel Region consists of Mississauga, Brampton and Caledon. It’s home to Pearson International Airport, several major highways and GO Transit stations, and diverse dining and shopping options.

Best places to buy real estate in Peel Region

In the table below, you’ll find the top 50 neighbourhoods for real estate purchases in Peel. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

wdt_ID	Rank	Neighbourhood	City	Benchmark price 2023	1-year growth	3-year	5-year	Value	Economics	Accessibility	Children (%)
1	1	Cheltenham	Caledon	$1,533,542	127%	234%	925%	5.0	4.7	0.5	54%
2	2	Mono Mills	Caledon	$1,130,000	70%	64%	549%	4.1	4.7	0.4	47%
3	3	Inglewood	Caledon	$1,630,000	88%	106%	124%	3.0	4.7	1.2	54%
4	4	Alton	Caledon	$1,043,140	-27%	80%	94%	2.8	4.7	2.3	47%
5	5	Meadowvale Village	Mississauga	$1,202,102	-11%	24%	49%	2.4	5	2.1	71%
6	6	Meadowvale	Mississauga	$919,614	-6%	24%	54%	3.0	4.2	3.4	60%
7	7	Central Erin Mills	Mississauga	$1,050,555	-6%	11%	45%	2.7	4.5	3.7	63%
8	8	Streetsville	Mississauga	$1,089,051	-5%	18%	54%	2.7	4.5	3.2	63%
9	9	Churchill Meadows	Mississauga	$1,145,266	-4%	28%	50%	2.6	4.5	3.6	63%
10	10	Lisgar	Mississauga	$1,180,387	-5%	33%	56%	2.5	4.2	3.2	60%

Source: Zoocasa

Top three neighbourhoods in Peel Region

1. Cheltenham, Caledon

Located a short distance from Toronto, Cheltenham is in the southern part of Caledon. The iconic Cheltenham General Store, a charming stone building, serves as the focal point of the commercial hub at Creditview and Mill streets. The area had a benchmark home price of $1,533,542 in 2023—which was 127% higher than in 2022, 234% higher than in 2020, and an outstanding 925% higher than in 2018, giving it a perfect value score of 5.0. For neighbourhood economics, it scores 4.7, indicating high levels of household income and education, and a high percentage of home ownership.

Just beyond the town on Old Baseline Road, the renowned Cheltenham Badlands showcase some of the most striking landscapes in the Greater Toronto Area. Cheltenham offers a diverse range of housing options. There are heritage homes scattered around the neighbourhood, as well as a huge number of ranch-style bungalows. There are also several newer upscale communities with expansive lots. Cheltenham is loved by outdoor enthusiasts, with the Grand Valley Trail system cutting through the region and popular cycling and cross-country skiing trails nearby. The Grand Valley Trail connects many of Caledon’s most attractive communities, giving you lots of options to stop for a cool drink, a cup of freshly made coffee or even an ice cream cone on a hot summer’s day. Given its rural character, however, the area isn’t very walkable. Cheltenham has an accessibility score of just 0.5.

View Cheltenham real estate listings on Zoocasa.

2. Mono Mills, Caledon

Mono Mills, located in Caledon, is a rural village with hiking paths and lush greenery. Mono Mills had a benchmark home price of $1,130,000 in 2023—which was 70% higher than in 2022 and a staggering 549% higher than in 2018. Like Cheltenham, it scores highly on neighbourhood economics, at 4.7.

Home to many stocked streams, Mono Mills has a thriving fly-fishing culture. There are other options for individuals with more artistic pursuits. Caledon has a rich arts culture, and the surrounding area is home to the Alton Mill Arts Centre, which employs 25 studio artists. There are also galleries and a heritage museum. But with a low accessibility score of 0.4 out of 5, this rural neighbourhood may not suit those who like getting around on foot or by bike.

View Mono Mills real estate listings on Zoocasa.

3. Inglewood, Caledon

Inglewood is known for its charming historic Main Street, recognized as a Heritage Conservation District. It features a variety of residential enclaves, each with a unique housing design, ranging from heritage homes to ranch-style bungalows, estate homes and modern urbanism–style residences. Inglewood’s 2023 benchmark home price was $1,630,000, which was 88% higher than in 2022, 106% higher than in 2000, and 124% higher than in 2018. Inglewood has a value score of 3.0, and it has the same economics score as the two other top neighbourhoods, 4.7.

Inglewood is a family-oriented community, with children in 54% of households. What makes it so family-friendly? With a larger population than most of Caledon’s villages, Inglewood offers an abundance of amenities, including a community centre with a library and an auditorium, and a community park with tennis courts, baseball diamonds and an ice rink. The Alton Mill Arts Centre offers art exhibitions, events, lessons and workshops year-round.

View Inglewood real estate listings on Zoocasa.

What happened in the Peel Region real estate market?

Last year, real estate activity was muted in Peel Region. The benchmark home price peaked in June at $1,145,515 and finished the year at $1,020,187. As mortgage affordability tightened, buyer demand softened, causing home prices to fall in the second half of the year.

“Many buyers and sellers retreated from the market because of higher interest rates, which led to fewer home sales overall,” says local Zoocasa real estate agent Nancy Van Loon. Some buyers didn’t qualify for as much financing as they wanted, and others decided they would wait for mortgage rates to come down before entering the market, she says.

While many buyers were reluctant to enter the market, those who did benefited from less competition and lower asking prices. “Buyers who were actively looking to purchase and who did qualify for financing were able to negotiate some decent deals,” says Van Loon.

What’s next for real estate in Peel Region?

Home prices and sales are already recovering in Peel Region. As of February 2024, home sales were up 34% from the end of 2023, and the region’s benchmark price inched up 0.5% to $1,024,926. These positive shifts may serve as a catalyst to further motivate buyers and sellers to re-enter the market.

“We went through a challenging market last year, but we’re seeing the light at the end of the tunnel. I think 2024 will be a better market with more homes changing hands,” says Van Loon. “We’re seeing more buyers out there, more property showings and more people attending open houses now. We’re even starting to see multiple offers again on freehold properties.”

Heightened market activity will translate into more competition for buyers, amplifying pressure on an already low supply of homes. In January 2024, Peel Region had 2.4 months of housing inventory. In a balanced real estate market, there’s typically four to six months of inventory, which represents the number of months it would take to sell the homes that are currently listed for sale—less than four is considered a seller’s market.

“The market is better than last year, but we also need to recognize that we have a lack of housing in the GTA,” says Van Loon. “For buyers holding out for lower prices, it seems unlikely that prices will come down much more or at all. We’re going to start seeing a much more active market this year.”

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Durham Region, Ont.

Durham Region is situated to the east of Toronto and offers a blend of urban, suburban and rural landscapes. The region is made up of eight municipalities: Oshawa, Pickering, Whitby, Ajax, Uxbridge, Brock, Clarington and Scugog.

Best places to buy real estate in Durham Region

In the table below, you’ll find the top 50 neighbourhoods for real estate purchases in Durham. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

wdt_ID	Rank	Neighbourhood	City	Benchmark price 2023	1-year growth	3-year	5-year	Value	Economics	Accessibility	Children (%)
1	1	Town Centre	Pickering	$696,623	-3%	34%	56%	4.4	3.6	2.7	55%
2	2	Rouge Park	Pickering	$1,099,057	-8%	121%	138%	4.1	3.6	1.9	55%
3	3	Village East	Pickering	$743,111	-7%	29%	68%	4.1	3.6	4.5	55%
4	4	Pringle Creek	Whitby	$930,144	-6%	35%	67%	3.3	4.1	2.7	63%
5	5	Brooklin	Whitby	$1,124,344	-7%	39%	58%	2.4	5.0	1.7	66%
6	6	Courtice	Clarington	$904,730	-6%	37%	64%	3.5	3.9	2.4	57%
7	7	Duffin Heights	Pickering	$831,505	-13%	25%	44%	3.3	4.1	1.0	62%
8	8	Orono	Clarington	$952,326	3%	46%	87%	3.9	3.3	1.9	43%
9	9	Central East	Ajax	$938,499	-10%	25%	53%	2.9	4.1	2.2	68%
10	10	Rolling Acres	Whitby	$1,054,152	-7%	38%	64%	2.8	4.1	3.1	63%

Source: Zoocasa

Top three neighbourhoods in Durham Region

1. Town Centre, Pickering

Town Centre is one of Durham’s many thriving neighbourhoods. In 2023, it had a benchmark home price of $696,623, which was 3% lower than in 2022. However, home prices have risen sharply over the longer term. The benchmark price was 34% higher than in 2020 and 56% higher than in 2018, giving Town Centre a value score of 4.4.

What causes people to settle in Town Centre? It could be the area’s manufacturing and energy businesses; Durham Region is a major automotive industry hub in Canada, with General Motors’ and Volkswagen’s Canadian headquarters nearby. Also close by is Ontario Power Generation, a nuclear power facility that employs many locals. Approximately 55% of neighbourhood households have children—which is above average for Durham—and Town Centre has an accessibility score of 2.7—also slightly above average. Town Centre is noted for being a thriving urban core that prioritizes trade and community. Here you’ll find Pickering Town Centre, a popular shopping destination, as well as a range of retail, dining and entertainment options.

View Town Centre real estate listings on Zoocasa.

2. Rouge Park, Pickering

Rouge Park is known as the largest urban park in North America, encompassing diverse ecosystems, extensive hiking trails and a rich cultural heritage. Home prices in the area have increased considerably in recent years, though in 2023, Rouge Park’s benchmark home price was $1,099,057—8% lower than in 2022. However, the five-year growth rate contributed to the neighbourhood’s strong value score of 4.1: The benchmark price was 121% higher than in 2020 and 138% higher than in 2018.

In Rouge Park, 55% of households have children, which is above average for Durham. This statistic underscores the community’s appeal as a suitable and welcoming environment for families. However, Rouge Park has a low accessibility score of 1.9, which means families should expect to drive to most destinations.

View Rouge Park real estate listings on Zoocasa.

3. Village East, Pickering

Village East is situated along the eastern border of Pickering, next to Ajax. Highway 401 forms the south boundary, and Duffins Creek Valley forms the north boundary. A community filled with affordable starter homes, Village East had a benchmark home price of $743,111 in 2023, which was 7% lower than in 2022, 29% higher than in 2020, and 68% higher than in 2018. That mix of affordability and home price growth gives the neighbourhood a value score of 4.1—the same as Rouge Park.

Village East boasts an impressive accessibility score of 4.5, meaning residents can easily navigate by foot, bike and public transit. The Chestnut Hill Developments Recreation Complex offers a wide range of facilities and activities for residents to enjoy. The neighbourhood is also home to vibrant arts institutions like the Durham West Arts Centre and the PineRidge Arts Council.

View Village East real estate listings on Zoocasa.

What happened in the Durham Region real estate market?

The benchmark home price in Durham Region was $886,849 in January 2023. Following an uptick in real estate activity in the spring, the benchmark price nearly crossed the $1-million mark in June, topping off at $999,787. By December, it had fallen to $860,622—about a 3% drop from January.

“We saw a bit of a boom in Durham Region in the first half of the year,” says local eXp real estate agent Nathan Graham. (Zoocasa, the author of this study, is wholly owned by eXp World Holdings.) “Prices from January to June increased steadily and we saw the return of multiple offers. But after Canada Day, it was like we hit a wall, and activity across the board dropped.”

Similar to other regions of the GTA, Durham saw prices climb steadily in the first half of the year, along with the number of home sales. During the spring peak, there were more than 1,000 home sales in Durham Region, and by December, there were fewer than 500.

“The uncertainty of what would happen with interest rates kept market activity slow, and so there was little rebound in the market after July,” says Graham. “The second half of the year was pretty slow.”

What’s next for real estate in Durham Region?

Buyer enthusiasm is returning as conditions in Durham Region improve. Home prices are recovering, and as of February 2024, the benchmark home price was up nearly 4% from December 2023.

“Prices are going up now, and we’re seeing a positive upward trend in the market. I do think this spring will be more active than last year,” says Graham. “Worst-case scenario, home prices will go up 3% to 5%—but that’s the absolute slowest. What I think we will see is a very active jump in the market because we still have supply and demand issues.”

With average asking rents for one- and two-bedroom apartments in Oshawa up more than 5% year-over-year as of February, according to Rentals.ca, Graham says a lot of home buyers have been looking at multi-family homes recently. “It’s almost harder to get a rental now than it is to purchase a property,” he says. “So it makes sense for families to purchase a property together and start building equity.”

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York Region, Ont.

York Region extends north from Toronto to Lake Simcoe and is home to Markham, the fourth-largest city in the GTA. Consisting of nine municipalities, including Vaughan, Richmond Hill and Newmarket, the region boasts a diverse culture and a dynamic economy.

Best places to buy real estate in York Region

In the table below, you’ll find the top 50 neighbourhoods for real estate purchases in York Region. To view all the data, slide the columns right or left using your fingers or mouse. You can download the data to your device in Excel, CSV and PDF formats.

wdt_ID	Rank	Neighbourhood	City	Benchmark price 2023	1-year growth	3-year	5-year	Value	Economics	Accessibility	Children (%)
1	1	Vinegar Hill	Markham	$1,126,400	44%	72%	41%	5.0	4.2	1.8	53%
2	2	Pottageville	King	$1,657,917	55%	27%	113%	3.3	5.0	0.4	56%
3	3	Concord	Vaughan	$742,158	-2%	9%	54%	3.6	4.6	1.7	54%
4	4	Elder Mills	Vaughan	$1,507,084	6%	86%	715%	3.4	4.6	2.0	70%
5	5	Vellore Village	Vaughan	$1,482,234	24%	33%	54%	3.0	4.6	2.6	70%
6	6	Thornhill	Markham	$1,029,169	-9%	1%	36%	2.9	4.6	1.8	54%
7	7	Summerhill Estates	Newmarket	$1,109,577	-5%	30%	57%	3.0	4.4	4.2	65%
8	8	Armitage	Newmarket	$1,261,955	-1%	44%	142%	3.0	4.4	4.1	65%
9	9	Jefferson	Richmond Hill	$1,565,509	-1%	30%	39%	2.4	5.0	1.4	67%
10	10	Oak Ridges	Richmond Hill	$1,577,491	-1%	34%	53%	2.4	5.0	3.6	67%

Source: Zoocasa

Top three neighbourhoods in York Region

1. Vinegar Hill, Markham

Nestled in Markham, Vinegar Hill is encompassed by Highway 7 to the north, Highway 407 to the south, and streets situated just west and east of Main Street South, with the Rouge River serving as its natural border. The neighbourhood is a sought-after residential destination known for its picturesque settings and historical charm. In 2023, its benchmark home price was $1,126,400—which was 44% higher than in 2022, 72% higher than in 2020, and 40% higher than in 2018.

The community’s name is thought to have connections to either a cider mill located on the east side of the river valley or barrel makers who filled their barrels with vinegar to assess their straightness as they rolled down Markham Road. Slightly more than half (53%) of households in the area have children. Despite its desirability, Vinegar Hill has a relatively low accessibility score of 1.8—which is still higher than the other two top neighbourhoods in York.

View Vinegar Hill real estate listings on Zoocasa.

2. Pottageville, King

Located in the northeast part of King Township, Pottageville stands out for its distinctive topography and environmental importance. It’s situated atop the elevated ridges of the Oak Ridges Moraine and within the Ontario Greenbelt corridor, and it features an abundance of ranch-style bungalows and older homes. Coming in second among our top three neighbourhoods in York, Pottageville had a benchmark home price of $1,657,917 in 2023, and a value score of 3.3. The benchmark price was 55% higher than in 2022, 27% higher than in 2020, and 113% higher than in 2018. With above-average levels of household income, education and home ownership, Pottageville has a perfect neighbourhood economics score.

It also has an above-average number of families with children, representing 56% of households. With easy access to the Greenbelt Route, a province-wide bike trail, it’s the perfect area for bikers. Pottageville may only have a general store, a gas station and a few small businesses, but there’s ample recreational space centred around Pottageville Community Park, which features a playground, a baseball diamond, tennis courts and soccer fields. There’s a train station a 10-minute drive away, making it easy to commute to Toronto, but the neighbourhood still only has an accessibility score of 0.4.

View Pottageville real estate listings on Zoocasa.

3. Concord, Vaughan

Concord benefits from excellent commuter highway access, with both Highway 407 and Highway 7 passing through. In 2023, Concord’s benchmark home price was $742,158, which was 2% lower than in 2022, but 9% higher than in 2020 and 54% higher than in 2018. The area has the second-highest value score (3.6) of our top three York neighbourhoods, and it does well on neighbourhood economics as well, scoring 4.6.

Concord residents often spend their time enjoying recreational and leisure activities. One popular destination is Vaughan Mills shopping centre, with its many retail stores, entertainment options and family-friendly attractions. Locals can also explore Concord’s natural beauty while visiting Boyd Conservation Area or Black Creek Pioneer Village. Many families live in modest brick detached homes and townhomes with single-car garages, which are popular in the area.

View Concord real estate listings on Zoocasa.

What happened in the York Region real estate market?

In 2023, York Region’s home prices fell less than those in other regions of the GTA. In January, the benchmark home price was $1,285,583, and by December, it had dropped 0.4% to $1,281,020. But with mortgage rates as high as they were last year, the market was never able to gain much momentum.

“Last year, as banks tightened their borrowing criteria, we saw a decrease in sales while average prices remained relatively flat or decreased just a little,” says Kirby Chan, a local eXp real estate agent. “It was tough,” he says, because even though prices came down a bit, interest rates were so high that mortgage affordability suffered.

Buyer uncertainty played a big role in slowing down home sales, as many people were hesitant to enter the market amid the anticipation of rising interest rates. The number of home sales in York stayed above 1,000 during the spring and summer, but trickled off in July. In December, there were only 612 sales.

What’s next for real estate in York Region?

January started off with a boost in home sales, suggesting the market is rebounding. Home sales were up about 27% from December and about 42% from January 2023.

“Buyers are coming out now into the market, and there’s a positive outlook on how the market is going to look this year,” says Chan. “But if buyers wait until interest rates come down, then prices will go up and their buying power will go down.”

York Region buyers could face more competition than last year, as would-be Toronto buyers are attracted by the area’s comparable affordability. “With the city of Toronto increasing property taxes soon, I think there’s a good possibility this will drive more buyers into York Region and areas like Markham, Richmond Hill and Vaughan,” says Chan.

Assuming mortgage rates go down and buyer confidence returns, Chan expects this year to be a strong one for York Region real estate. “Sales-wise and price-wise, I think we’re going to have a record year in 2024. Last year, the government raised interest rates to cool everything down, and so there were fewer sales. That means there’s a lot of buyers out there waiting, and this pent-up demand is going to push prices even higher.”

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About Zoocasa

Zoocasa is an award-winning consumer real estate search portal. It uses data and technology to deliver an intelligent, end-to-end real estate experience.